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Rich Asplund

Crude Prices Slip as Geopolitical Risks Ease in the Middle East

Oil United States Baker Hughes OPEC

May WTI crude oil (CLK24) this morning is down -0.35 (-0.42%), and May RBOB gasoline (RBK24) is -2.66 (-0.98%).

Crude and gasoline prices this morning are moderately lower, with gasoline falling to a 6-week low. A stronger dollar today is undercutting energy prices. Crude prices also fell as Israel-Iran tensions eased after it appeared that Iran will not respond following Israel’s retaliatory strike last Friday. In addition, the outlook for increased US crude production is bearish for prices after last Friday's weekly report from Baker Hughes showed that active US oil rigs in the week ended April 19 rose by +5 rigs to a 7-month high of 511 rigs.

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